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can an 18 year old get a car loan - Here are few things to consider

As an 18 year old, it can be quite difficult to commute in various places without your own car. The goal and responsibilities of school as well as work will require you to find your own set of wheels and eventually.

One can ask though, can an 18 year old get a car loan? The short answer to this question is yes. However, it will not be that easy. At this age, it may be quite difficult to get car loans on your own. This being said, there is one way for you to get a car loan without difficulty. The following paragraphs will discuss it in detail.

  • Get the Cosigner
    The first thing you would have to do is to make sure that you get a cosigner. He will be the one who would agree to clear your car loan payments in case you decide to stop doing it.
  • Convince the PersonYou just have to make sure that you are able to convince this person to be a cosigner. Remember that you will be the main individual responsible for making the payments. If you want to convince your cosigner to join you, you have to show him that you will be responsible.
  • Make a Plan and Show It to the Prospect
    Make a detailed plan regarding your payments. Create a schedule for the payments and how much you are going to allot for it. By doing this, you will be able to show your potential cosigner that you are indeed willing to take the risks and deal with the responsibility that comes with having your own car.
  • Make the Risks Clear to Him
    Speaking of risk, you should also be willing to explain to your cosigner the potential risk that comes with agreeing to the transaction. The main risk of this endeavor would be that if you missed payments for any reason, it can affect your cosigner’s credit score.
  • Get the Pre-Approved Loan
    Once you are able to explain all the risks to him, and he still agrees, you can now apply for a pre-approved car loan. Try to do it without your cosigner first. If you get the ninth, we apply along with your cosigner. This will increase your chances of getting approved for sure.

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The important thing is that you are able to choose the cosigner with a good credit score. This shows that he is good with money and that he will be able to help you out in paying for the loan if and when necessary.

Once you are able to find the right person, everything else will be easier on you.

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Ronald Aquino
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